2023 caused the Adani Group to witness and cope through a lot in its journey. The conglomerate was accused of various wrongdoings at the beginning of the year. Many fingers were raised at the various projects, including the Adani Australia project. This causes the company to lose a lot of money. Yet, the Adani Group handled each challenge like a pro and took on initiatives that further built its credibility in the business world.  Let us have a quick look at the journey of developments for Gautam Adani in 2023:

Here is a quick look at some of the significant events of the year:


On 24 January 2023, Hindenburg Research accused the Adani Group of companies of indulging in different stock manipulation and money laundering activities. The stocks of the Adani Group shed at least 12 billion USD in the market.

However, the Adani Group denied all such allegations. Gautam Adani, the chairman of the Adani Group, also fell out of the list of the top 10 wealthiest people in the world as per the Bloomberg Billionaires Index.


Despite the backing of some of the institutional investors, the business group announced the decision to pause the fully subscribed 2.5 billion USD share sale that it had earlier announced.

This shows the resilience of the conglomerate, even during times of difficulty. It also began to prepay all share-backed loans. The company mentioned that it had adequate cash reserves, and the listed companies could refinance the debt.


In March, the Supreme Court set up a six-member panel to probe the allegations made by the Hindenburg report. It also asked the SEBI to submit a full report within two months.


The SEBI reported that the timeframe provided by the Supreme Court to probe allegations against the companies operating under the Adani Group was insufficient. It asked for a 6-month extension.

Adani Cement pared down a 1 billion USD mezzanine loan, which was taken to purchase Holcom Limited’s India assets. It also prepaid 200 million USD.


The Supreme Court asked SEBI to wrap up the investigation by 14 August. Adani Ports became the first of the ten listed companies under the Adani Group to recover from all the losses triggered by the Hindenburg Report.


The American authorities started to investigate the disclosures provided by the business conglomerate with US investigators. It began to scrutinize the Adani Group’s information to the investors.


Rajiv Jain’s GQG Partners doubled its investments in the Adani Group and bought stakes worth 1 billion USD in two firms. The Adani Group was able to raise INR 12,500 crores through Rupee Bond. The conglomerate also won the bid to start redeveloping the Dharavi project.


The Adani-owned business Ambuja Cement bought 56.74% stakes in Sanghi Enterprises at an enterprise value of INR 5,000 crores. The Qatar Investment Authority bought a 2.7% stake in Adani Green Energy for INR 3,920 crores.


Total Energies planned to invest 300 million USD in a 50-50 joint venture with Adani Green Energy. The Adani Group also started refinancing its debts through its various funds. This paved the path for financial recovery for the business group.


Abu Dhabi-based International Holding Company increased its Adani Enterprises stake to 5.04%. The Adani Group agreed to a 3.5 billion USD funding package for refining the debt used to purchase ACC and Ambuja Cement. This was one of the most significant loans in the continent in 2023. It had a debt maturity of up to 3 years.


The Adani shares began to surge after the Supreme Court concluded hearing arguments about the investigation of the Adani Group.

Gautam Adani regained his position among the top 20 wealthiest individuals as per the Bloomberg Billionaires Index.


Gautam Adani’s wealth began to increase further. In one week, the business group added 10 billion USD to its net worth.

Gautam Adani acquired the 15th position on the Bloomberg Billionaires Index. The Group also made some massive investments in India’s port sector.


2023 was indeed an extraordinary year for the Adani Group. Yes, there were some downs, but there were a lot of ups as well. The Adani Group continued its operations on the Adani Australia project. A lot of new acquisitions were made. The net worth of the company also rose considerably. We can also expect an even better journey for the Adani Group in 2024.